Cell membrane-coated nanoparticles (NPs) have attracted growing attention in the field of targeted delivery strategies, which successfully combine the advantages and properties of both cell membranes and synthetic NPs. Stem cell-based delivery systems have the innate targeting capability to tumor tissues, but inappropriate stem cells might promote tumor growth after being injected into the body. Accordingly, it is urgent to explore novel drug delivery systems that might combine the advantages of stem cells and eliminate the possible risks. This review aimed to investigate the stem cell membrane-camouflaged targeted delivery system in tumors. We discussed the underlying mechanisms of stem cell homing to target tumors. Then, the common membrane modification methods well as preparation methods of stem cell membrane coated NPs were concluded. NPs coating the stem cell membranes could obtain the tumor targeting ability, enhanced biocompatibility, and effective drug loading. Furthermore, we investigated the potential clinical applications of mesenchymal stem cells (MSCs) and induced pluripotent stem (iPS) cells membrane-camouflaged targeted delivery systems for anti-tumor therapies, such as chemotherapy, photodynamic therapy, magnetic hyperthermia therapy and imaging, CRISPR-Cas9 gene therapy, and synergistic therapy. Taken together, stem cell membrane-coated NPs hold the tremendous prospect for biomedical applications in tumor therapy.